Australian Ban on Vietnamese Shrimp Could Drown Exporters: Official
Vietnamese shrimp exporters are facing losses and could go bankrupt following Australia's ban on imports of the crustacean, aimed at preventing white spot syndrome, said Deputy Trade Minister Tran Quoc Khanh.
“The order to suspend imports of uncooked shrimp without giving sufficient warning to Vietnamese shrimp export firms is not really in line with common practices,” Khanh was quoted by the Vietnam News Agency (VNA) as saying.
Five Banks Interested in Buying ANZ’s Vietnam Retail Business
Three foreign banks and two domestic banks are keen on acquiring the retail businesses of ANZ Vietnam, the SaigonTimes reported, without unveiling their names.
An ANZ Vietnam representative declined to comment on such market speculation.
Vietbuild 2017 Kicks off in Hanoi
The 2017 Vietbuild international exhibition opened in Hanoi on March 15 with the participation of 450 domestic and foreign businesses, according to VNA.
New products and services in the field of construction, building materials, real estate, and interior and exterior decoration are being put on show at 1,700 pavilions.
Vietnamese Footwear Makers Unfazed by TPP Demise
Vietnam’s leather and footwear industry will maintain its strong growth even if the TPP does not materialize, said Diep Thanh Kiet, vice chairman of the Vietnam Leather, Footwear and Handbag Association (Lefaso).
With annual growth of 15-20 percent in 2011-15, the industry is fairly competitive thanks to the country’s economic, political and social stability and abundant supply of cheap and highly-skilled labor, he said.
EU Wants to Become Largest Investor in Vietnam: Ambassador
The European Union (EU) wants to become the largest investor in Vietnam, especially in Ho Chi Minh City
and neighboring localities from the third position now, said Ambassador Bruno Angelet, head of the EU Delegation to Vietnam during a meeting in the southern city on March 15 with Mayor Nguyen Thanh Phong.
The ambassador expressed his impression by the city’s continuous progresses to be recently named as one of the top 10 dynamic cities in the world, and wished that the city would continue refining policies for foreign investors and paying attention to intellectual property protection and food safety and hygiene.
It’s Time to Reform Vietnam’s Rice Sector, Says PM
It’s time to comprehensively reform rice production since the staple plays an irreplaceable role in the country’s agriculture, Prime Minister Nguyen Xuan Phuc emphasized while chairing a conference on March 15 to seek ways to develop the sector sustainably in the Mekong Delta, the rice hub of the country.
The rice sector is facing a high loss rate and over-15% broken accounting for up to 36% of export rice. Other problems in the Mekong Delta include climate change impacts and changes in the water resources due to economic activities of countries in the upper Mekong River.
Vietnam, Russia Explore Greater Cooperation in Oil and Gas
Oil and gas exploration and production is the key and most fruitful economic segment benefiting from cooperation between the two countries governments, said Deputy Prime Minister Trinh Dinh Dung at a meeting with Zarubezneft General Director Sergey Kudryashov in Hanoi on March 16.
The deputy prime minster noted that he still sees plenty of opportunities to expand joint efforts along the continental shelf of Vietnam, VOV reported.
China Upset at High Vietnam Tariffs on Steel Imports
Vietnam’s Ministry of Industry and Trade has announced the imposition of a high border tax after concluding that cheap Chinese steel ingots and long steel products are flooding the Vietnamese market and causing irreparable harm to the segment.
Chinese steelmakers have voiced discontent at the high tariffs and insist their prices are fair and that they have violated no trade laws. The problems, they say, are rooted in sluggish demand, the weak global economy and poor quality product.
Chinese tech giant Xiaomi has entered a partnership with Vietnam’s Digiworld Corporation to distribute, market and provide after-sales services for the former’s smartphones and Mi Ecosystem products in Vietnam.
Xiaomi products, ranging from low-cost to high-cost phones and a range of Mi power banks, will be available at retailers nationwide and through online shopping platform Lazada.
Formosa Ha Tinh Steel Company (FHS), the Vietnam subsidiary of Taiwan’s Formosa Plastics Group, has asked the local government for permission to increase its total investment in a steel complex in the central province of Ha Tinh, in a bid to reinforce waste treatment facilities.
FHS plans to add another $346.3 million to the steel and deep-water seaport project complex in the province to bring the total investment to $11.03 billion.
Vietnam raked in $13.11 billion from shipping goods overseas in February, down 8.6% from a month earlier, bringing the country’s exports to $27.43 billion in the first two months of this year, up 15.8% year-on-year.
The Southeast Asian country spent $13.11 billion on importing goods in February, down 8.6% month-on-month. Its import turnover increased 23.3% year-on-year to $28.23 billion in the January-February period.